Ken Bates wins the battle to buy Leeds United

[Nemesis]

I read a report in the Express today that said sources revealed the alternative bid had offered creditors £11.5m, with a further £5m if the club reached the Premiership and nearly £25m would have been available for signings.

Article here:

http://www.express.co.uk/posts/view/13176/Bates-return-sets-Leeds-back-%A340m

How the hell does that work? Screw the club's creditors out of nearly £25 Million and then make £25 Million available for transfers? That just doesn't seem right to me. This whole deal stinks and gets stinkier by the minute.

 

[Starry]

wonder why they write 'sources' when simon franks have been all over the news telling people what his bid entailed and such.

what they fail to mention is that he was not prepared to bid without the fl confirming the golden share and had they confirmed the golden share pre bid it would have allowed him to negotiate the preferred debt southwards.

been given permission to play our friendlies now. which is at least a step in the right direction.

 

[Yorkie]

Copied and pasted from another board. Starry?

Football League have refused to hand over the golden share until they see some accountability and are reportedly very very unhappy with KPMG (the administrators). It seems very likely the Inland Revenue will now persue legal action

Appears the Bates winning bid as thought was around 13-14pence in the pounds as thought. However the best bid was a staggering 3 times as much at 30 pence in the pound yet KPMG rejected it as one of the creditors Astor refused to accept it.

Only Bates lower bid was acceptable they (Astor) said. Now why on earth would any creditor accept only 1/3rd of the amount they could have got?

 

[Beach Hut]

Whoever wins will be a rat joining a sinking ship.

 

[Nemesis]

Whoever wins will be a rat joining a sinking ship.

Shouldn't that be 'stinking shit'?

 

[Starry]

Copied and pasted from another board. Starry?

Football League have refused to hand over the golden share until they see some accountability and are reportedly very very unhappy with KPMG (the administrators). It seems very likely the Inland Revenue will now persue legal action

Appears the Bates winning bid as thought was around 13-14pence in the pounds as thought. However the best bid was a staggering 3 times as much at 30 pence in the pound yet KPMG rejected it as one of the creditors Astor refused to accept it.

Only Bates lower bid was acceptable they (Astor) said. Now why on earth would any creditor accept only 1/3rd of the amount they could have got?

nothing really new there. hrmc are still carrying on with their legal action that brought the original appeal and the impact on the club with depend on the outcome of that. it certainly looks likely that it will blow open kpmg and the things that went on regarding the original cva and the vote and how kpmg were recommending bates' bid before even hearing any other bids etc.

i am led to believe that the football league have requested documents regarding the sale which have now been provided to them - those are just basic documents - that bates won, what the budget is/was, what debts, proof of money to keep the club going for the season etc.

but from what i can gather they now want to go one step back and look into astor, the fsf, krato and see who, what, how, why and where all those 'millions' they supposedly lent the club went and why.

i am meeting with kpmg tomorrow because as a creditor we are not satisfied with their handling of things and am hoping that we will get some answers then. otherwise (and not me i would just like to add) several disgruntled people will bring their own court action against kpmg and tag onto the hrmc case and go from there. if kpmg are found to have acted wrongly in sept then we are back at square one.

i do think the club is on the brink of completely falling apart, the fl have now sought their own independent legal advice alongside the fl legal bods and have entirely separate insolvency people about to scrutinise every I that was dotted and T crossed over our admin and CVA.

and i agree with beachy. but i am astounded by the trialists at the club yesterday who have straight contracts and money in front of them to sign elsewhere who are waiting around at leeds for us to sort ourselves out. we were joking with them and they take in good spirit, but seriously, i think you got to be one sandwich sort of a picnic to hang around waiting on a deal at leeds with things the way they are.

still, we're off to germany on tuesday for our preseason training camp. hopefully by the time i return some of this sorry state of affairs will be sorted.

 

[mejonaNO12 aka riskit]

terry tibbs would do a better job than ken bates

 

[Superseagull]

and i agree with beachy. but i am astounded by the trialists at the club yesterday who have straight contracts and money in front of them to sign elsewhere who are waiting around at leeds for us to sort ourselves out. we were joking with them and they take in good spirit, but seriously, i think you got to be one sandwich sort of a picnic to hang around waiting on a deal at leeds with things the way they are. QUOTE]

Wonder if we are still interested in Leon Constintine? Came so close to signing for us last season. I can't believe so many trialists are waiting around for leeds to sort themseleves out.

 

[Starry]

no idea, according to him he has two contracts elsewhere if he wants but he is 'happy to wait, innit' quite how long he'll wait or how long those other offers are there for who knows.

i guess anyone that gets on the plane with us on tuesday is set on leeds and nothing else.

 

[Starry]

Wonder if we are still interested in Leon Constintine?

Apparently not according to him. He is getting on the plane to Germany with us tomorrow and is set to stay if we are allowed to start the season.